28 A- Your Exit Strategy
1. Identify the exit strategy you plan to make. Do you intend to sell your business in the next 5 years for a large return? Do you intent to stay with the business for several decades and retire? Do you intend to protect the venture as a family business, and pass it down to your children?
My exit strategy would ideally be to keep the business and pass it down to family. At one point I'd have to retire, but if it's a business I love I would really want to keep it in my family. If I do sell it, it wouldn't t be until many years into the future, as I want to expand the businesses within 5-10 years. If I do sell, I would also need to already have another successful business going, but I want something to pass down to family.
2. Why have you selected this particular exit strategy?
One of my main goals in being successful is to be able to provide my kids and family a great life in the future. Selling the business once I retire may help in the financial impact of this, but that's not all I want to give my family. I think by keeping the business and showing them how to run it, I am providing them with very important skills that will help them much more than just money will.
3. How do you think your exit strategy has influences the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influences your growth intentions or how you plan to acquire and use resources?
I think my exit strategy has influenced a few decisions of mine in this concept. I want to expand and grow the business for the sake of having something large and successful to pass down to my family. It hasn't really impacted the opportunity I identified, but I do think it has in terms of my resources. This is because one of my most valuable resources is my relationships/partnerships. I think keeping the business in the family will only strengthen these things, as they have been a part of our lives for so long. By passing the business onto family, we will already have established trust with these other businesses, and they will know what to expect.
My exit strategy would ideally be to keep the business and pass it down to family. At one point I'd have to retire, but if it's a business I love I would really want to keep it in my family. If I do sell it, it wouldn't t be until many years into the future, as I want to expand the businesses within 5-10 years. If I do sell, I would also need to already have another successful business going, but I want something to pass down to family.
2. Why have you selected this particular exit strategy?
One of my main goals in being successful is to be able to provide my kids and family a great life in the future. Selling the business once I retire may help in the financial impact of this, but that's not all I want to give my family. I think by keeping the business and showing them how to run it, I am providing them with very important skills that will help them much more than just money will.
3. How do you think your exit strategy has influences the other decisions you've made in your concept? For instance, has it influenced how you have identified an opportunity? Has it influences your growth intentions or how you plan to acquire and use resources?
I think my exit strategy has influenced a few decisions of mine in this concept. I want to expand and grow the business for the sake of having something large and successful to pass down to my family. It hasn't really impacted the opportunity I identified, but I do think it has in terms of my resources. This is because one of my most valuable resources is my relationships/partnerships. I think keeping the business in the family will only strengthen these things, as they have been a part of our lives for so long. By passing the business onto family, we will already have established trust with these other businesses, and they will know what to expect.
Hi Maddi,
ReplyDeleteI also like the idea of passing a business down to my family. I think it is so awesome when a business is passed down from generation to generation. I think you rationale behind it is awesome! Teaching your kids how to run and operate your business will most definitely set them up for success and teach them valuable lessons moving forward.